Tuesday, 22 December 2015

10 Tips for Buying Better Homes in Dubai

Dubai has been touted to have some of the best homes in the world. Built in the most contemporary styles and technology, most of them come with the best amenities and creature comforts that the world can offer. As many people from across the world jostle to get a piece of the many homes up for grabs in Dubai, here are ten facts to consider when hunting for Better Homes in Dubai:

1. Budget meticulously: It is advisable not to overlook the minor expenses in buying a home. Some people focus on the values of the property without working out other expenses such as deposits, legal fees as well as maintenance charges. You have to consider the mortgage costs and approximate how much you can comfortably pay as monthly installments over the period of repayment.

2. Be clear on the kind of home you want: Some people are in love with villas while others love apartments. Some love beach houses while others are in love with city houses. You have to consider whether you need public transport, schools, hotels and malls nearby. These considerations will help you as you sample better homes in Dubai.

3. Consider the purpose of the property you are buying. While some might buy homes for personal use, others buy so that they can rent them out, and yet others buy them for use as retirement or second homes. The purpose makes the homes different. When buying homes for investment, you have to know the market price and the rental returns you expect.

4. Work with a trustworthy developer: Ensure that the developer, you choose has a good reputation and has a genuine escrow account. Consider whether their projects have been delivered on time and their quality as well.

5. Consider whether the area you choose meets your goals:  For a rewarding return on investment, established areas like the Dubai marina which are well liked by renters and are on demand can be appropriate.

6. Choose a professional real estate agency. Do a background check on the agency to ensure that it is registered with the Real Estate Regulatory Authority (RERA) and possesses a valid license.

7. Seek local expertise: An agent with a wealth of local real estate expertise will be of great help. A person with a proven track record in the property market of the neighborhood where you are buying a home will be an added advantage.

8. Familiarize yourself with the property law. Ensure you update yourself with the latest local property laws so that you can be able to make better and informed choices.

9. Find out whether there are any hidden charges: There will always be some unforeseen charges, which you have to be prepared for. These include service charges that cover the maintenance of shared areas like parks, gyms and pools.  Such charges might be fixed or vary according to size of the property as well as area. If your property is big, then such charges might be a significant cost. The other extra charges may include mortgage registration and agency costs.

10.  Be well versed with process of purchasing property. When buying Better Homes in Dubai, buyers can either buy directly from a developer (of-plan) or purchase their property from a private seller. If you choose to go with the off-plan purchase and you are an expat, you will be needed to produce a filled reservation form, a reservation deposit, your passport and other necessary documentation. If you intend to resell the home, you will be needed to sign a memorandum of understanding (MOU) with the seller. You will then be required to pay a 10% deposit or any other agreed amount of the total property price. On obtaining financing, the transfer of the title deeds then takes place.

1 comment:

  1. Great Tips, really useful information about buying a property. Every property buyers need to know these things before buying a property. I like the way of your writing. Easy to understand for person like me who doesn't have much idea in property dealings. Nice blog. Keep posting.

    Sathish from Chennai Property Management